Residential Redevelopment potential of upper parts (subject to consents)
Producing £133,800 p.a.x. rising to £138,800 in January 2019
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 10
Auction 25th May 2017
Rent £133,800 per Annum Exclusive
Status Sold
Price £2,410,000
Sector Public House
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
1.5 miles south-east of the City of London, 2.5 miles south-east of the West End
Roads
A2, A201, B204
Rail
Elephant & Castle Railway Station, Elephant & Castle (Bakerloo and Northern Lines) and Bermondsey (Jubilee Line) Underground Stations
Air
London Heathrow, London Gatwick and London City Airports
Situation
The property is located on the south side of the busy Old Kent Road (A2), a major arterial route through South East London, at its junction with Albany Road (B204) and directly opposite the substantial and attractive Burgess Park, Tesco Superstore and the Southernwood Retail Park. The property further benefits from being approximately 1 mile south-east of Elephant and Castle, which is currently undergoing a £3 billion regeneration project including the creation of a new pedestrianised town centre, a market square, 5,000 new homes, new retail, educational and leisure space, an integrated public transport hub and new green space. (Source: www.elephantandcastletowncentre.co.uk). Neighbouring occupiers include Tesco, Argos, DFS and Sports Direct.
Tenure
Freehold.
Location
Miles
1.5 miles south-east of the City of London, 2.5 miles south-east of the West End
Roads
A2, A201, B204
Rail
Elephant & Castle Railway Station, Elephant & Castle (Bakerloo and Northern Lines) and Bermondsey (Jubilee Line) Underground Stations
Air
London Heathrow, London Gatwick and London City Airports
Situation
The property is located on the south side of the busy Old Kent Road (A2), a major arterial route through South East London, at its junction with Albany Road (B204) and directly opposite the substantial and attractive Burgess Park, Tesco Superstore and the Southernwood Retail Park. The property further benefits from being approximately 1 mile south-east of Elephant and Castle, which is currently undergoing a £3 billion regeneration project including the creation of a new pedestrianised town centre, a market square, 5,000 new homes, new retail, educational and leisure space, an integrated public transport hub and new green space. (Source: www.elephantandcastletowncentre.co.uk). Neighbouring occupiers include Tesco, Argos, DFS and Sports Direct.
Tenure
Freehold.
Description
The property comprises restaurant and public house accommodation on the ground floor with ancillary accommodation in the basement. The upper parts comprise self-contained residential accommodation configured as a 4 room, 3 bathroom flat with a large roof terrace and a studio flat on the first floor, a 5 room flat on the second floor and a 3 room flat on the third floor. There is an advertising hoarding on the property.
VAT
VAT is not applicable to this lot.
Planning
We understand that the property is not listed and is not within a conservation area, but is registered as an asset of community value until 22/06/2020. The property may be suitable for future residential redevelopment of the upper parts, subject to necessary consents.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises restaurant and public house accommodation on the ground floor with ancillary accommodation in the basement. The upper parts comprise self-contained residential accommodation configured as a 4 room, 3 bathroom flat with a large roof terrace and a studio flat on the first floor, a 5 room flat on the second floor and a 3 room flat on the third floor. There is an advertising hoarding on the property.
VAT
VAT is not applicable to this lot.
Planning
We understand that the property is not listed and is not within a conservation area, but is registered as an asset of community value until 22/06/2020. The property may be suitable for future residential redevelopment of the upper parts, subject to necessary consents.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx) (4)
Tenant
Term
Rent p.a.x
Review
Ground Basement
Restaurant/Public House Ancillary
216.69 sq m 140.90 sq m
(2,332 sq ft) (1,517 sq ft)
ROCK ISLAND FOOD & LEISURE LIMITED
15 years from 30/03/2017
£55,000 (1)
09/01/2019 and 3 yearly
First
Roof Terrace Second
Third
Residential – 4 room/ 3 bathroom flat & studio flat
(1) As to the commercial lease, the lease provides for a fixed increase in rent to £60,000 per annum exclusive on 09/01/2019. (2) As to the residential element of the property, there are 11 individual Assured Shorthold Tenancy Agreements producing a total annualised rent of £75,300 per annum exclusive. (3) As to the advertising hoarding, there is a 5 year agreement subject to a mutual option to determine the Agreement on 12 months’ notice. The landlord has served a notice to determine the agreement and is agreeing a new Licence with Inschool Media Limited for a term of 5 years from 01/07/2017 at an annual rent of £3,600. (4) The floor areas stated above are Gross Internal Areas. The third floor has been measured at a height of 1.5m to exclude the floor area with reduced headroom.
